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Despite a weak start to the month, many cryptocurrency markets are now beginning to show strong signs of recovery. As has been a recurring theme in recent months, cryptocurrencies in the DeFi niche are bouncing back faster than others, and many are closing in on their all-time highest values.
Five of the top 100 DeFi cryptocurrencies by market capitalization have gained more than 10% in the last 24 hours, and Nexus Mutual (NXM), a decentralized insurance provider, is currently at the top of the pack with 11.8% gains—and has now reached $46.10.
The popular yield aggregating platform Yearn Finance (YFI) also counts among today’s best performers and is up 10.5% since yesterday. YFI is now trading at just north of $34,160, and can likely attribute some of its recent gains to yesterday’s Coinbase Pro listing.
The token for Uniswap alternative SushiSwap (SUSHI) is strongly in the green today, climbing back to $2.85 after gaining 24.7% (and 14.6%) in the last hour. These gains come after it was revealed that SushiSwap founder Chef Nomi returned
$14 million in Ethereum obtained by dumping his SUSHI tokens after seemingly exiting the project earlier this week. The project has now been handed over to FTX exchange CEO Sam Bankman-Fried.Though much of the DeFi market is strongly in the green today, several projects have been hit with staggering losses. Today’s worst-hit project is bZx Besting Token (VBZRX), which collapsed by 64% following a suspicious pump that saw it gain 500% in just minutes yesterday.
Algorithmically stabilized cryptocurrency Ampleforth (AMPL) is also down 14.5% in the last day and is now trading at just $0.90—significantly below its $1 target. AMPL has now been on a persistent downtrend since late July and has seen its market capitalization shrink by more than 70% in this time.